本研究以台灣生物科技產業中上市(櫃)公司為評價研究之對象,採取財務報表資料作為評價之依據,以市價/帳面價值比作為企業價值之衡量指標。藉由透過平衡計分卡,將財務面與非財務面之因素來加以連結,即財務、顧客、內部流程、學習與成長四個構面的層層推演,衡量台灣生技產業的企業價值之影響因素,本文選取八項影響因素,以迴歸方式進行實證企業價值影響因素之分析。結果發現以Norton and Kaplan之平衡計分卡可確切評估,並以此結果做為解釋生技產業之企業價值影響因素,提供提高企業價值之策略。 本研究獲得的結論如下:財務構面下,顯示投資者對未來發展充滿預期。顧客構面下,管理者須強調顧客關係管理。內部流程構面下,應維持一定程度的研發費用投入。學習與成長構面下,建議應該針對員工的能力,進行技術再造。
The purpose of the paper is applying Balanced Scorecard to evaluate business value of biotechnology industries in Taiwan via financial statement as measure basis, and to use market value/book value as measure index. It could connect finance and non-finance aspects, such as finance, customer, and internal process, learning and growing the four aspects. And measuring factors of business value of biotechnology industry in Taiwan is suitable. This research chooses eight impact factors and implements an empirical regression analysis. The result shows that Balanced Scorecard could evaluate correctly and apply its results as the strategies for enhancing business value. The conclusions of paper are following: Investors have high anticipated with future development in finance aspect. The manager should emphasis on customer relationship management in customer aspect. The company should maintain a given R&D input in internal process aspect. Therefore the employees should be technology redeveloped according to their ability in learning and growing aspect.
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